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Senator Hassan Statement on U.S. House Drug Pricing Plan

WASHINGTON – Senator Maggie Hassan released the following statement on the drug pricing plan announced today by Speaker Nancy Pelosi:

“The outrageous cost of prescription drugs continues to be the number one issue I hear about from people across New Hampshire, and this summer, we took a major step forward by passing bipartisan legislation through the Senate Finance Committee to lower the cost of prescription drugs and hold big pharmaceutical companies accountable. I’m encouraged by the new plan in the U.S. House that goes even further by including provisions I strongly support to allow Medicare to negotiate the price of certain lifesaving drugs including insulin, and to enact higher penalties for manufacturers that spike the cost of medications. Members of both parties say they want to address this issue, and the time is now to get it done.”

In July, Senator Hassan worked with colleagues to develop and advance major bipartisan legislation, the Prescription Drug Pricing Reduction Act, through the Senate Finance Committee. The bill would enact a cap on out-of-pocket prescription drug costs for Medicare Part D beneficiaries and crack down on pharmaceutical companies that raise drug prices higher than inflation. Senator Hassan pushed to include stiffer penalties for manufacturers that spike the price of prescription drugs in the Senate bill, and will continue pushing for action on this specific problem. According to the non-partisan Congressional Budget Office, the bill would save Medicare beneficiaries more than $30 billion in premiums and out-of-pocket costs, and would save taxpayers $100 billion in Medicare and Medicaid spending over ten years.